'Mexico City F1 Grand Prix to generate $2 bn'

Mexico City's hosting of the Formula One Grand Prix will generate $2 billion over five years, a tourism official said.

The undersecretary of quality and regulation at the ministry of tourism, Francisco Mass Pena, said Wednesday hosting the event will also promote the occupancy of six out of 10 hotel rooms in the capital, and create some 18,000 jobs, reports Xinhua.

Only the world's 15 largest economies, among which Mexico ranks 15th, have hosted the prestigious event, he said.

Over the three-day event, which Mexico will host from Oct 30 to Nov 1, some 520 million television viewers will watch the race and see Mexico in the process, he added.

The head of Mexico racing team Telmex, Carlos Slim Domit, said some 250,000 people were expected to attend the race over the three days, including 100,000 on the main racing day (Nov 1).

Mexico City mayor Miguel Angel Mancera, meanwhile, said in addition to the revenue and exposure the event will generate, there was another advantage of hosting an F1 race.

"That draw is seeing a Mexican racer, Sergio "Checo" Perez, in the top category for the first time since 1970," said Mancera.